By Paul A. Harris
St. Louis, May 15 - GMAC LLC issued €1.3 billion of notes (Ba1/BB+/BB+) in three tranches via two subsidiaries on Tuesday, according to market sources.
GMAC International Finance BV priced €1 billion in two tranches:
• €500 million of Euribor plus 120 basis points two-year floating-rate notes priced at 99.962 to yield Euribor plus 122 bps. Price talk was for a yield in the Euribor plus 125 bps area; and
• €500 million of 5¾% three-year fixed-rate notes priced at a 137 bps spread to mid-swaps. The tranche priced at 99.738 to yield 5.85%. Talk was for a spread in the mid-swaps plus 140 bps area.
Meanwhile General Motors Acceptance Corp. of Canada, Ltd. priced a €300 million issue of 6% five-year notes at a 162 bps spread to mid-swaps, with an original issue discount of 99.55 to yield 6.11%. Price talk was for a spread in the mid-swaps plus 165 bps area.
ABN Amro, BNP Paribas and SG Corporate & Investment Banking were the underwriters for the notes, which were priced off the company's euro medium-term note program in a quick-to-market transaction on Tuesday.
| Guarantor: | GMAC LLC
|
| Amount: | €1.3 billion
|
| Bookrunners: | ABN Amro, BNP Paribas, SG Corporate & Investment Banking
|
| Trade date: | May 15
|
| Settlement date: | May 22
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
|
|
| Floating-rate notes
|
| Issuer: | GMAC International Finance BV
|
| Amount: | €500 million
|
| Maturity: | May 22, 2009
|
| Coupon: | Euribor plus 120 bps
|
| Price: | 99.962
|
| Yield: | Euribor plus 122 bps
|
| Bill and deliver: | BNP Paribas
|
| Price talk: | Euribor plus 125 bps area
|
|
|
| Three-year fixed-rate notes
|
| Issuer: | GMAC International Finance BV
|
| Amount: | €500 million
|
| Maturity: | May 21, 2010
|
| Coupon: | 5¾%
|
| Price: | 99.738
|
| Yield: | 5.85%
|
| Spread to mid-swaps: | 137 bps
|
| Bill and deliver: | SG Corporate & Investment Banking
|
| Price talk: | Mid-swaps plus 140 bps area
|
|
|
| Five-year fixed-rate notes
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| Issuer: | General Motors Acceptance Corp. of Canada, Ltd.
|
| Amount: | €300 million
|
| Maturity: | May 23, 2012
|
| Coupon: | 6%
|
| Price: | 99.55
|
| Yield: | 6.11%
|
| Spread to mid-swaps: | 162 bps
|
| Bill and deliver: | ABN Amro
|
| Price talk: | Mid-swaps plus 165 bps area
|
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